The decline came as cautious investors looked ahead to a meeting of finance ministers and central bankers from the Group of 20 nations, amid expectations that the yen’s steep fall over the last few weeks may be in focus at the meeting.

“Japan continues to grab headlines in Asia with plenty of yen positioning ahead of the G20 meetings. The Nikkei has lost ground as the yen appreciates, heading into the meeting,” said IG Markets strategist Stan Shamu.

How betting against the yen paid off

(5:26)

U.S. hedge-fund investors made billions off the weakening yen. The prospect of inflation in Japan as the yen weakens may prompt people to turn to gold as a currency hedge.

Despite the sharp fall on Friday, the Nikkei finished the week 0.2% higher, marking its 13th advance in the last 14 weeks.

The dollar
USDJPY, -0.06%
slipped as low as 92.22 yen during the session in Asia, from around ¥92.85 late Thursday in North America, after spending much of the week above ¥93. Read Currencies report.

A strengthened yen affects the global competitiveness of Japanese products, and often tends to hurt stocks of companies reliant on overseas demand.

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